7-20-1
Banks eligible for deposits--Application for deposit.
7-20-1.1
Savings and loan associations as official depositories--Requirements--Maximum
amount.
7-20-1.2
Domestic federal credit union as official depository--Requirement.
7-20-2
Repealed.
7-20-3
Deposit permitted despite interest of county official.
7-20-4 to 7-20-7. Repealed.
7-20-8
Repealed.
7-20-9
Forms of deposit--Crediting of interest from deposits--Signatures required on checks.
7-20-10
Maximum deposit in one bank.
7-20-11
Repealed.
7-20-12
Removal of officer neglecting to comply--Treasurer not liable for loss of money
deposited in compliance.
7-20-13
Selection of active depositories.
7-20-14
Active depositories not limited by maximum amount--Authority to exceed statutory
maximum.
7-20-15, 7-20-16. Repealed.
7-20-1. Banks eligible for deposits--Application for deposit.
The county treasurer shall deposit and at all times keep on deposit the money in state or national banks within the state. A bank may apply for the privilege of keeping the county funds and shall state in the application the amount of money desired. If bond or securities are segregated as provided in § 4-6A-3, the board of county commissioners shall approve the application.
Source: SL 1897, ch 104, § 1; RPolC 1903, § 349; SL 1917, ch 204, § 1; RC 1919, § 6888; SL 1923, ch 297; SL 1925, ch 295; SL 1929, ch 98; SL 1937, ch 79; SDC 1939, § 12.0818; SL 1941, ch 29; SL 1957, ch 18; SL 1959, ch 24; SL 1974, ch 39, § 13; SL 1976, ch 72; SL 2016, ch 44, § 54; SL 2017, ch 54, § 1.
7-20-1.1. Savings and loan associations as official depositories--Requirements--Maximum amount.
Domestic savings and loan associations whether chartered by this state or by the United States are official depositories for county funds; provided such funds are invested only in the accounts of such associations which are insured by the Federal Savings and Loan Insurance Corporation. The amount so invested in any one association may not exceed the amount which is covered by such insurance unless such association qualifies as a savings and loan depository as provided by chapter 4-6A.
Source: SL 1974, ch 303; SL 1982, ch 45, § 2; SL 2017, ch 54, § 2.
7-20-1.2. Domestic federal credit union as official depository--Requirement.
Any domestic federal credit union chartered by the United States is a qualified public depository for county funds if such funds are invested in accounts which are insured by the National Credit Union Administration.
Source: SL 1987, ch 71, § 1.
7-20-3. Deposit permitted despite interest of county official.
A bank may be selected as a depository for the keeping of county funds notwithstanding a county official may be a stockholder or officer therein, nor shall such action constitute a crime on the part of such county official.
Source: SL 1923, ch 297; SL 1925, ch 295; SL 1929, ch 98; SL 1937, ch 79; SDC 1939, § 12.0818; SL 1941, ch 29, § 1; SL 1957, ch 18, § 1; SL 1959, ch 24, § 1.
7-20-9. Forms of deposit--Crediting of interest from deposits--Signatures required on checks.
All moneys shall be deposited in such banks in demand accounts, savings accounts, or on time deposit, and any interest accrued from such deposits shall be credited to the respective funds or the general fund. All such demand deposits are subject to payment if demanded by the county treasurer on the county treasurer's check, countersigned by the county auditor.
Source: SDC 1939, § 12.0818; SL 1941, ch 29; SL 1957, ch 18; SL 1959, ch 24; SL 1995, ch 42.
7-20-10. Maximum deposit in one bank.
No bank at any time shall have on deposit county funds of any one county in excess of one hundred percent of the capital and surplus of such bank.
Source: SL 1897, ch 104, § 3; RPolC 1903, § 351; SL 1917, ch 204, § 1; RC 1919, § 6888; SL 1923, ch 297; SL 1925, ch 295; SL 1929, ch 98; SL 1937, ch 79; SDC 1939, § 12.0818; SL 1941, ch 29; SL 1957, ch 18; SL 1959, ch 24.
7-20-12. Removal of officer neglecting to comply--Treasurer not liable for loss of money deposited in compliance.
Any county officer neglecting or refusing to comply with the provisions of §§ 7-20-1 to 7-20-11, inclusive, is subject to removal from office. No county treasurer is liable on the county treasurer's official bond for any loss of money deposited in compliance with the provisions of these sections.
Source: SL 1897, ch 104, § 8; RPolC 1903, § 356; SL 1917, ch 204, § 2; RC 1919, §§ 6888, 6889; SL 1923, ch 297; SL 1925, ch 295; SL 1929, ch 98; SL 1937, ch 79; SDC 1939, § 12.0818; SL 1941, ch 29; SL 1957, ch 18; SL 1959, ch 24; SL 2016, ch 44, § 55.
7-20-13. Selection of active depositories.
In selecting depositories for the deposit of county funds, the board of county commissioners may designate one or more banks within the county as active depositories for the deposit and withdrawal, by the county treasurer, of daily receipts of cash, checks, drafts, and other cash items.
Source: SL 1927, ch 80, § 1; SDC 1939, § 12.0819.
7-20-14. Active depositories not limited by maximum amount--Authority to exceed statutory maximum.
The limit of deposit which may be carried or deposited in any bank by the county treasurer, as provided in § 7-20-10, does not apply to any bank designated as active depositories. However, no county treasurer may deposit in a bank more than the limit provided for by § 7-20-10 unless the county treasurer receives express authority from the board of county commissioners evidenced by a resolution of such board authorizing the deposit of a greater amount.
Source: SL 1927, ch 80, § 1; SDC 1939, § 12.0819; SL 2016, ch 44, § 56.
